King & country uk auction of stock (1 Viewer)

Items were going for low to mid Auction estimates generally with odd item going for good high estimates.
I bid on a couple of LOTs but they went past my bidding limits I had set for the items on my list{eek3}
Add the Auction Tax and the shipping cost and the items were not lower enough to make money and too keep some of the figures for my collections myself.:(.
 
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As they had shut down the business, selling this amount of inventory would have required them to re-hire a few people to handle everything from listing to shipping. It was just easier to sell the inventory to a third party and let them handle everything.
 
jazzeum said:
As they had shut down the business, selling this amount of inventory would have required them to re-hire a few people to handle everything from listing to shipping. It was just easier to sell the inventory to a third party and let them handle everything.
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Maybe they did not have a choice as it bankrupt stock ?
 
Artillery_crazy said:
Good question?? No answer other than the owners were not wanting the hassle of handling the bidding and wanted a quick buck settlement for the whole inventory........:eek::eek:
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Surely when a firm or limited company declares bankruptcy surely the stock becomes property of the executer or administration company charged with selling the stock on your behalf? Any Profit then is divided between the creditors owed money and a 'fee' is sought from the administration Company

"A company in administrative receivership is operated by an administrator (as interim chief executive with custodial responsibility for the company's assets and obligations) on behalf of its creditors. ... In voluntary administrative receivership, the administrator is appointed by the company directors."
 
I wasn't aware they had declared bankruptcy but as one with a little experience in bankruptcy law, the Captain is correct: the property of the company becames the property of the estate (as we call it in this country) and sold to pay off the creditors, etc.
 
jazzeum said:
I wasn't aware they had declared bankruptcy but as one with a little experience in bankruptcy law, the Captain is correct: the property of the company becames the property of the estate (as we call it in this country) and sold to pay off the creditors, etc.
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I was thinking the same Brad, I cannot find any mention of bankruptcy. Looks like it has more to do with Mikes ill health.
 
Captain Smart said:
Surely when a firm or limited company declares bankruptcy surely the stock becomes property of the executer or administration company charged with selling the stock on your behalf? Any Profit then is divided between the creditors owed money and a 'fee' is sought from the administration Company

"A company in administrative receivership is operated by an administrator (as interim chief executive with custodial responsibility for the company's assets and obligations) on behalf of its creditors. ... In voluntary administrative receivership, the administrator is appointed by the company directors."
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Possibly more complex than it first appears. As there was another business operating under the same umbrella from the same premises. Cashflow is what brings even profitable companies to their knees.
 
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